Nowadays, many people are learning about investing. When it comes to kids, parents start planning as soon as they are born.
They worry about how to save money for everything, from school to marriage, and they search for good investment plans.
Right now, there are different plans for children, like FD, PPF, Sukanya Samriddhi, which offer guaranteed returns.
But not many know about a special plan from the post office that provides life insurance for children.
It’s called the Bal Jeevan Bima Scheme from the Post Office, designed just for kids.
This scheme is part of Postal Life Insurance, offering a guaranteed amount of up to Rs 3 lakh when it matures. Let’s learn more about it.
Parents can buy this life insurance for kids aged 5 to 20. It’s for parents who are below 45 years old. Each parent can buy this plan for a maximum of two kids.
After paying premiums for five years, it becomes a paid-up policy. If parents die before the policy matures, the child’s premium is waived off.
If the child passes away, the assured sum and a bonus are paid to the nominee.
Under Postal Life Insurance, you get up to Rs 3 lakh, and under Rural Postal Life Insurance, it’s up to Rs 1 lakh.
A bonus is added to make it more appealing. For example, under Rural Postal Life Insurance, you get a Rs 48 bonus every year for a Rs 1000 sum assured. Under Postal Life Insurance, it’s Rs 52 per year.
You can invest monthly, quarterly, half-yearly, or annually. Unlike some other policies, you can’t take a loan with this one.
No medical examination is needed for children, but they must be healthy. Keep in mind, you can’t surrender the policy in this scheme.
